Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

$24.99

Selected Financial Data
since 2008

Microsoft Excel

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Income Statement

Philip Morris International Inc., selected items from income statement, long-term trends

US$ in millions

Microsoft Excel

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).

The financial data over the analyzed period exhibits several notable trends in key performance indicators such as net revenues, operating income, and net earnings attributable to Philip Morris International Inc.

Net Revenues
Net revenues demonstrate an overall upward trend, increasing from $25,705 million in 2008 to $37,878 million projected for 2024. Despite some fluctuations, including a decline between 2013 and 2016, revenues generally recovered and surpassed prior peaks after 2017. Significant growth is especially visible in the later years, from 2020 onwards, indicating successful revenue expansion efforts or market growth during this period.
Operating Income
Operating income rose from $10,248 million in 2008 to a peak of $13,342 million in 2011, followed by volatility. There was a notable decline from 2012 to 2015, where operating income dropped to $10,623 million. Recovery is evident post-2015, with operating income fluctuating but trending upward toward $13,402 million projected in 2024. This pattern reflects fluctuations in operational efficiency or cost structures over time but indicates a resilient operating performance overall.
Net Earnings Attributable to PMI
Net earnings show a varied trajectory, peaking at $9,109 million in 2021 before decreasing to a projection of $7,057 million in 2024. After increasing steadily from $6,890 million in 2008 to a high in 2012, net earnings experienced several cycles of decline and recovery. The dip post-2017, followed by recovery and then another decline, could suggest impacts from market conditions, operational costs, or other financial factors influencing profitability beyond operating income trends.

In summary, net revenues have displayed a solid growth trajectory with occasional declines, indicative of market and operational dynamics over the years. Operating income reflects some volatility but shows underlying operational strength, while net earnings have been subject to more pronounced fluctuations, pointing to varying factors affecting overall profitability. The comprehensive view suggests resilience alongside challenges in maintaining steady financial performance through the period.


Balance Sheet: Assets

Philip Morris International Inc., selected items from assets, long-term trends

US$ in millions

Microsoft Excel

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).

The analysis of the presented financial data reveals notable trends in both current assets and total assets over the specified period.

Current Assets

Current assets demonstrated some fluctuations but generally maintained an upward trajectory from 2008 through 2024. Starting at approximately $14,939 million in 2008, there was a slight dip around 2010 (down to roughly $13,756 million), followed by a gradual rise reaching a peak near $21,594 million in 2017. After this peak, current assets declined until 2021 but recovered somewhat by 2024, settling just above $20,170 million. This indicates a pattern of moderate growth with intermittent volatility, possibly reflecting shifts in working capital management or short-term liquidity strategies.

Total Assets

Total assets experienced an overall increasing trend with more pronounced variability compared to current assets. From $32,972 million in 2008, total assets increased steadily, peaking around $42,968 million in 2015. Following this, total assets slightly decreased but then surged considerably in the later years, reaching a high of approximately $65,304 million in 2023 before tapering slightly to $61,784 million in 2024. This significant growth in total assets, especially from 2021 onwards, suggests substantial investments or acquisitions, or changes in asset valuation, reflecting a potential expansion phase or strategic repositioning.

Overall, the data indicates stable management of current assets with selective periods of allocation shifts, while total assets highlight robust long-term growth with potential capital-intensive activities driving the increases, particularly in the recent years. The disparity between growth rates of current versus total assets may warrant further investigation into asset composition and capital structure.


Balance Sheet: Liabilities and Stockholders’ Equity

Philip Morris International Inc., selected items from liabilities and stockholders’ equity, long-term trends

US$ in millions

Microsoft Excel

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).

The financial data reveals notable trends in liabilities, debt, and stockholders’ equity over the analyzed period.

Current Liabilities
Current liabilities exhibited a steady upward trajectory from 2008 through 2014, increasing from 10,144 million USD to a peak of 17,066 million USD. Following that, there was some fluctuation, with figures slightly declining in 2014-2015, then rising again to reach a high of 27,336 million USD in 2022. The most recent years show a decrease to 22,915 million USD by 2024, indicating some reduction in short-term financial obligations after the peak.
Total Liabilities
Total liabilities consistently increased from 25,068 million USD in 2008 to reach a significant peak of 74,750 million USD in 2023. This represents a near tripling of total liabilities over the 16-year span. In 2024, a slight decline to 71,654 million USD is observed, though the overall level remains substantially elevated compared to earlier years. This trend indicates aggressive leveraging or growth-related financing during the period.
Total Debt
Total debt followed a similar upward trend to total liabilities, escalating from 11,961 million USD in 2008 to a high of 47,909 million USD in 2023. Prior to this peak, debt levels rose fairly consistently with minor year-to-year fluctuations. In 2024, total debt decreased slightly to 45,695 million USD. The growth in total debt comprises a significant portion of the increase in total liabilities, implying higher borrowing levels over time.
Total PMI Stockholders' Equity
Stockholders’ equity experienced a pronounced decline across the entire period. Starting at a positive 7,500 million USD in 2008, it dropped sharply into negative territory by 2012 (-3,476 million USD) and continued worsening through to 2024, reaching -11,750 million USD. The persistent negative and declining equity suggests accumulated deficits and possible financial stress.

Overall, the data indicates that while liabilities and debt have markedly increased over these years, stockholders’ equity has deteriorated significantly, plunging into negative values and continuing to decline. This pattern suggests increased financial leverage and possibly equity erosion, which may raise concerns about long-term financial stability despite the company's capacity to grow or finance its operations through borrowing.


Cash Flow Statement

Philip Morris International Inc., selected items from cash flow statement, long-term trends

US$ in millions

Microsoft Excel

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).

The analysis of the cash flow activities over the period from 2008 to 2024 reveals notable patterns and fluctuations across operating, investing, and financing activities.

Operating Activities

Net cash provided by operating activities demonstrated a generally positive trend with some variability. Starting at $7,935 million in 2008, the cash inflow increased to a peak of $11,967 million in 2021, indicating improving operational efficiency and cash generation capabilities over the years. Although there were some fluctuations, such as a dip in 2014 to $7,739 million and a decline in 2023 to $9,204 million, the overall trend indicates steady operating cash flow, culminating in a rise to $12,217 million in 2024, the highest in the observed period.

Investing Activities

Net cash used in investing activities consistently reflected cash outflows, as expected for investment expenditures. There was an initial outflow of $3,161 million in 2008, followed by a significant reduction in 2009 to $1,098 million. Noteworthy fluctuations occurred throughout the period, with relatively lower outflows around 2010-2012 and increased capital spending in some years, such as a substantial $15,679 million outflow in 2022, which stands out as an anomaly compared to other years. This large investment outflow in 2022 suggests major capital investment or acquisition activities. After this peak, investing outflows declined to $3,598 million in 2023 and further down to $1,092 million in 2024.

Financing Activities

Net cash used in financing activities showed negative values for most years, indicating net repayments or outflows related to financing. The outflows were highest in the earlier years, peaking at $8,578 million in 2010. A notable exception occurred in 2022, when the net cash from financing activities reversed to an inflow of $3,806 million. This may indicate new financing obtained or debt issuance during that year. Following 2022, the net cash flow returned to outflows, with values of $5,582 million in 2023 and $9,481 million in 2024, indicating resumed repayment or dividend payments.

In summary, operating cash flows have strengthened over time, supporting ongoing business activities. Investing cash flows display cyclical patterns with a significant spike in outflows in 2022, potentially due to large capital investments or acquisitions. Financing activities generally indicate net repayments, except for a one-year reversal in 2022, suggesting a strategic financial maneuver during that period. Overall, these cash flow trends highlight active capital management alongside stable operating performance.


Per Share Data

Philip Morris International Inc., selected data per share, long-term trends

US$

Microsoft Excel

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).

1, 2, 3 Data adjusted for splits and stock dividends.

Earnings per Share (EPS)
Both basic and diluted EPS generally exhibited an upward trend from 2008 to 2013, starting at approximately 3.33 US$ and reaching a peak around 5.26 US$ in 2013. However, in 2014 and 2015, there was a noticeable decline, followed by another drop in 2017. A recovery phase is evident in 2018 and 2019, with EPS rising to about 5.08 US$ and 5.16 US$ respectively. The highest values occur in 2021 with basic EPS at approximately 5.83 US$. Subsequently, there is a gradual decrease through 2024, ending near 4.53 US$ for basic EPS, suggesting some volatility and fluctuations over the period with a recent downward trend.
Dividend per Share
Dividends per share show a steady and consistent increase throughout the entire timeframe. Beginning at 1.54 US$ in 2008, dividends rose almost every year without decline, reaching 5.30 US$ in 2024. This demonstrates a commitment to returning value to shareholders with a robust growth rate in dividend payments despite the fluctuations observed in earnings per share.
Overall Insights
The company’s earnings per share demonstrate periods of growth and contraction, reflecting variability in profitability or external factors affecting earnings. In contrast, the dividend policy displays a strong commitment to incremental increases, indicating confidence in long-term cash flow generation and a focus on shareholder returns. The divergence between EPS variability and steady dividend growth could suggest a strategic emphasis on maintaining attractive dividends even when earnings fluctuate.